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Standard Real Estate Contract
"I need a Standard Real Estate Contract for purchasing a mixed-use commercial property in Vancouver, BC, with existing tenants, where the closing date will be March 15, 2025, and the contract needs to include specific provisions for assignment rights and environmental assessment conditions."
1. Parties: Identifies and provides full legal names and addresses of the buyer(s) and seller(s)
2. Background: Establishes the context of the transaction and confirms the seller's ownership and right to sell
3. Definitions: Defines key terms used throughout the agreement
4. Property Description: Detailed legal description of the property including address, boundaries, and registered title information
5. Purchase Price: States the agreed purchase price and payment terms, including deposit requirements
6. Deposit: Specifies deposit amount, payment timing, and handling of funds
7. Closing Date: Specifies the completion date and time for the transaction
8. Title and Ownership: Warranties regarding clear title and any encumbrances
9. Conditions Precedent: Lists conditions that must be met before the agreement becomes firm
10. Property Inspection: Terms regarding property inspection rights and process
11. Representations and Warranties: Statements of fact by both parties about the property and their capacity to enter the agreement
12. Closing Deliverables: Lists documents and items to be delivered at closing
13. Adjustments: Details how property taxes, utilities, and other expenses will be prorated
14. Default and Remedies: Consequences of breach by either party
15. Notices: How formal communications between parties should be made
16. General Provisions: Standard contract clauses including governing law, entire agreement, and amendment procedures
1. Financing Condition: Used when buyer requires mortgage financing to complete the purchase
2. Sale of Buyer's Property: Included when purchase is conditional on buyer selling their existing property
3. Rental Property Provisions: Required when property has existing tenants, addressing lease assignments and tenant rights
4. Chattels and Fixtures: Detailed list of items included/excluded in sale when specific items need to be addressed
5. Construction Warranties: For new construction properties, detailing builder warranties and obligations
6. Environmental Conditions: When environmental assessments or remediation is required
7. Condominium Provisions: Specific terms for condominium purchases including status certificate review
8. HST Provisions: Special HST considerations for new properties or commercial properties
9. Assignment Rights: When buyer wishes to retain right to assign the agreement
10. Development Conditions: For properties requiring rezoning or development approvals
1. Schedule A - Legal Description: Detailed legal description of the property from land registry
2. Schedule B - Included Chattels: Itemized list of movable items included in the sale
3. Schedule C - Excluded Fixtures: List of attached items that are not included in the sale
4. Schedule D - Existing Tenancies: Details of current lease agreements and tenant information
5. Schedule E - Property Condition Disclosure: Seller's disclosure of known property conditions and defects
6. Schedule F - Property Survey: Survey document showing property boundaries and structures
7. Schedule G - Environmental Reports: Environmental assessment results if applicable
8. Schedule H - Construction Specifications: For new builds, detailed construction specifications
9. Appendix 1 - Property Photographs: Dated photographs documenting property condition
10. Appendix 2 - Required Repairs: List of agreed repairs to be completed before closing
Authors
Real Estate
Legal Services
Banking and Financial Services
Insurance
Construction and Development
Property Management
Professional Services
Urban Planning
Environmental Services
Public Sector
Legal
Real Estate Operations
Property Management
Acquisitions
Due Diligence
Compliance
Risk Management
Finance
Investment
Documentation
Real Estate Agent
Real Estate Broker
Property Lawyer
Conveyancing Lawyer
Title Examiner
Mortgage Specialist
Property Appraiser
Real Estate Development Manager
Property Manager
Legal Counsel
Compliance Officer
Real Estate Investment Manager
Real Estate Portfolio Manager
Transaction Coordinator
Escrow Officer
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